Supporting Low-Carbon Development Pathways for Africa and Developing Countries

Minister of Petroleum and Mineral Resources Tarek El Molla urged that any discussion about energy exploitation in Africa should be inclusive of all forms of energy resources and the integration between them.

El Molla elaborated that this is essential since Africa is a continent rich with natural resources which are ideal to diversify the energy mix and meet the needs of the continent’s people while working to achieve decarbonization objectives.

This came during a session titled “Supporting LowCarbon Development Pathways for Africa and Developing Countries” during Decarbonization Day at COP27 conference.

With regard to the development of the energy sector in African countries, El-Molla highlighted Egypt’s ability to transform the challenges of the energy sector over the past seven years into success stories. He added that this was made possible with the state’s efforts to create an ideal climate and gaining the unwavering confidence of international investors.

El-Molla stressed that international partnerships in Africa will enable technology transfer and should link local partners with it, adding that it is also essential to build an effective work system in all fields, such as oil, gas, electricity and renewable energy.

He additionally suggested that African countries should offer incentives to partners because some policies do not include the necessary incentives to attract investments, emphasizing the importance of allowing the private sector to participate.

During the session, the President of the African Development Bank (AfDB) Akinwumi Adesina praised the Egyptian effort in organizing the conference, pointing out that the African Bank is committed to providing $5 million in new and renewable energy projects, as Africa owns 45% of the renewable energy in the world, which makes it eligible to large-scale solar energy projects.

He added that the AfDB is trying to turn its investments in this direction and encourages investors to finance power generation and clean energy projects, as private sector can play a major role in development projects in the field of power generation, especially in Africa.

Mohamed El Sewedy, Chairman of the Federation of Industries, stressed during the session that Egypt is the main pillar for building a regional power in the region capable of changing the current reality. Egyptian industries are promising and can catch up with China, but they need more funding, encouraging of investment and giving more focus on the African market.

Egypt has a promising future in the next 50 years, and has already implemented projects in Africa in the field of energy, El Sewedy added.

Helmut von Struve, CEO of Siemens in the Middle East and the UAE, said that this year’s conference provided an opportunity to discuss challenges and opportunities towards decarbonization as well as explore sustainable environmentally responsible solutions.

He emphasized the importance of supporting African countries towards a low-carbon economy and providing the necessary technical support, especially for developing countries. Additionally, he suggested that the private sector should support efforts to confront climate change at various levels.